Coinbase plans to follow the lead of the FTX US cryptocurrency exchange by establishing its own NFT marketplace for consumers.
Coinbase, the largest cryptocurrency exchange in the United States, will enter the “NFT race” by developing its platform for non-fungible token trading. The Solana network was chosen as the marketplace’s foundation. However, the management’s plans involve connecting other blockchains, including Ethereum.
Coinbase has been rumored to be working on its own NFT trading platform since the spring. When the exchange team finally verified this intention today, the situation shifted. The firm underlined the relevance of the new service’s straightforward design for clients and the role of creativity’s freedom of expression.
The prospect of direct rivalry between the two titans of the digital currency market, Coinbase and OpenSea, in the field of non-fungible tokens was the first topic of discussion among crypto community members. Although many have forgotten about another player in the face of another major exchange, Binance, which opened the virtual doors to its NFT marketplace for everyone at the beginning of June this year, many have forgotten about another player in the face of another large exchange, Binance.
With $68 million verified clients and $8.8 million monthly active consumers, Coinbase has the potential to be a strong rival, even for NFT behemoths like Rarible and OpenSea. According to DappRadar, the latter’s total transaction volume has surpassed $8.7 billion. This makes it the industry’s largest NFT marketplace. Axie Infinity, a popular game with virtual monsters, came in second, with fans “giving” her $2.5 billion.
According to Coinbase officials, the platform will be operational by the end of 2021, with new blockchain connections beginning in the first quarter of 2022.